SCB, SBI and Ripple launch first blockchain-powered payment service
between Japan and Thailand

June 29, 2017 09:26 PM Eastern Daylight Time

SAN FRANCISCO--(BUSINESS WIRE)--Siam Commercial Bank (SCB), in collaboration with Japan’s SBI Remit, is
using Ripple’s blockchain enterprise solution to power real-time
remittance payments between Japan and Thailand. A first for the
corridor, Ripple’s cross-border payments network solution is helping
remittances from Japan reach SCB retail customers easily and faster than
ever before.

Approximately 40,000 Thai nationals currently live in Japan and total
remittance flows from Japan to Thailand are roughly USD250 million a
year.

The rollout of this new service begins today, and supports individual
funds transfers from JPY in Japan to THB in SCB savings accounts in
Thailand. Once sent, the funds are credited to an SCB recipient’s
account within two to five seconds, a significant uplift compared with
the up to two business days it currently can take for a payment to be
made between the two countries. SCB plans to roll out the service in
other key markets across North America, Europe and Asia Pacific.

Dr. Arak Sutivong, chief strategy officer at SCB, said: “SCB invests in
innovative technology, like Ripple, to provide our retail customers with
the financial products and services they increasingly need in this
digital age. Customers increasingly expect payments to work in real
time, whether domestic or international.

“We are proud to be the first bank to use Ripple’s leading blockchain
network solution to power real-time payments between Japan and Thailand
for our customers, whose families oftentimes depend on the availability
of these funds for basic needs - time is of the essence to them. We look
forward to continuing our partnership with Ripple as we expand the
service into other key markets in the future.”

Mr. Nobuo Ando, representative director at SBI Remit Co., Ltd. said
that, “It is our duty to continuously search for superior technological
solutions to deliver ever improved remittance services for our
customers. In this case, Ripple was impressive in concept and turned out
to be more so in practice. Furthermore, we can expect to have more
favorable foreign exchange opportunities as Ripple’s network expands.
For this, we welcome more institutions to join and help us offer
competitive remittance services over conventional methods to our valued
customers.”

Marcus Treacher, global head of strategic accounts at Ripple, said:
“Ripple’s goal is to make cross-border payments move as quickly and as
easily as information does today. In the case of SBI Remit and SCB, our
solution helps ensure that remittances from Japan reach their
destination in Thailand near instantly. SCB and SBI Remit are leading
the way in Asia in serving new customer demands for real-time
cross-border payments, making theirs a highly competitive offering.

“We are excited to expand our relationship with SCB further across their
other key markets, and to continue the momentum with commercial traction
for the Ripple network worldwide.”

About SCB

Siam Commercial Bank PCL is one of Thailand’s leading universal banks.
Established by Royal Charter in 1906 as the first Thai bank, SCB has the
highest market capitalization among Thai financial institutions as of
the end of March 2017 (Baht 554 billion). Its network of branches and
service points offers nationwide coverage (1,169 branches, 109 foreign
exchange kiosks, and 9,724 ATM machines) providing services that meet
the demands of all customer groups, including corporate, SME, and retail
customers, with total assets of Baht 2,938 billion. More information is
available from the website www.scb.co.th.
SCB’s Digital Ventures Co., Ltd. (Digital Ventures) is a subsidiary
focusing on investments in machine learning, AI, and blockchain.

About Ripple

Ripple provides one frictionless experience to send money globally using
the power of blockchain. By joining Ripple’s growing, global network,
financial institutions can process their customers’ payments anywhere in
the world instantly, reliably and cost-effectively. Banks and payment
providers can use the digital asset XRP to further reduce their costs
and access new markets.

With offices in San Francisco, New York, London, Sydney and Luxembourg,
Ripple has more than 75 customers around the world.